Special Mission Aircraft Market Rapidly Increasing Worldwide At A CAGR Of 5.9% , Forecast To 2031


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Special Mission Aircraft Market

By end-user, the defense segment is projected to lead the global special mission aircraft market.

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, July 10, 2024 /EINPresswire / -- The global Special Mission Aircraft market is expanding rapidly due to surge in demand for air-to-air refueling, growing adoption of autonomous aircraft, increase in expenditure to purchase defense equipment across the globe, and rise in demand for industry-specific solutions and drones. The report assesses the major participants in the global special mission aircraft market. These participants have employed vital business strategies, including introducing new products, strategic expansion, forming alliances, and engaging in joint ventures to boost their market presence and strengthen their industry position. The report aids the intended audience in evaluating market performance, the performance of individual market segments, product portfolio growth within the market, and the contributions made by each participant to the market's expansion.

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There are prominent key factors that drive the growth of the special mission aircraft market such as increase in demand for drones, rise in demand for industry-specific solutions, and rise in spending to procure defense equipment globally. The market economy is also responsible for the growth of the market. Emerging countries in the region, such as India and China, are investing heavily in aerospace and defense industry, which is expected to provide lucrative opportunities for the growth of the special mission aircraft industry.

In terms of application, the intelligence, surveillance, and reconnaissance (ISR) segment contributed to the largest share in 2021, accounting for more than one-third of the overall market revenue. Also, the same segment is anticipated to display the fastest growth with 6.7% CAGR from 2022 to 2031. The growth is attributed to heightened demand for adoption of surveillance aircraft owing to factors like deep sea piracy and drug trafficking.

Regional Analysis:

The regional analysis in the report indicates that the Asia-Pacific region held the highest market share in 2021, contributing to more than one-third of the global market revenue. Also, the same region would cite the fastest growth with 6.6% CAGR throughout the forecast timeframe. The increase in defense spending among several countries in the Asia-Pacific region.

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The special mission aircraft market is segmented into application, platform, end-user and point of sale. The application segment is further divided as intelligence, surveillance, and reconnaissance (ISR), command & control, communication & navigation, and others. By platform, the market is classified into military aviation, commercial aviation, and unmanned aerial vehicle. On the basis of end-user, it is divided into defense, commercial & civil, and space. By point of sale, it is segmented into OEM, and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global special mission aircraft market size is expanding rapidly due to surge in demand for air-to-air refueling, growing adoption of autonomous aircraft, increase in expenditure to purchase defense equipment across the globe, and rise in demand for industry-specific solutions and drones. However, the scarcity of skilled and trained workforce restricts the market growth to some extent. Nevertheless, substantial applications of mission specific systems for managing maritime patrol, VIP transportation, search-and-rescue, medical evacuation, and other duties will offer remunerative growth opportunities in the upcoming years.

The key players profiled in this report include

ISRAEL AEROSPACE INDUSTRIES LTD, BOMBARDIER INC, LOCKHEED MARTIN CORPORATION, THALES SA, KRATOS DEFENSE & SECURITY SOLUTIONS, INC., DASSAULT AVIATION SA, SAAB AB, TEXTRON AVIATION INC., THE BOEING COMPANY, GENERAL ATOMICS AERONAUTICAL SYSTEMS, INC, LEONARDO SPA, BAE SYSTEMS, NORTHROP GRUMMAN CORPORATION, ELBIT SYSTEMS LTD, RAYTHEON TECHNOLOGIES CORPORATION

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On the basis of platform, the military aviation segment grabbed the largest share in 2021, accounting for nearly three-fourths of the overall market revenue of the overall market revenue. The same segment is estimated to witness a notable CAGR of 6.3% throughout the forecast timeframe. The growth of the segment is driven by surge in usage of special mission aircraft for collecting intelligence information, delivering supplies, rescue missions, and for tracking enemies.

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David Correa
Allied Market Research
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